Read More

Ashley’s response is based on the claim that he was inebriated at the time. He told the court he could not remember making any such deal with former as the two were first four pints into the pub session in which the beers were “coming like machine guns”.

“I like to get drunk, I’m a power drinker,” Ashley said. “My thing is not to drink regularly, it’s to binge drink. I’m trying to get drunk – will you accept that? I was drinking to get p****d and have a good night out.”

Ashley, said to be the 54th wealthiest person in the UK told the high court his fortune was mostly tied up in Sports Direct’s shares and he could only realise the money if he sold them, which he did not intend to.

“Do you honestly think I’m worth £2bn less [than] when the shares were at £9?” he said. “It doesn’t make any difference until you sell them if they’re worth £20-a-share – they’re wallpaper.” Sports Direct shares peaked at 922p in 2014 but are now changing hands at 298p.

Read More

Ashley is defending himself against allegations that he agreed to pay Blue £15m if Sports Direct’s shares doubled to £8 during a “night of heavy drinking” in January 2013.

The shares did hit £8 but have since collapsed, in part because of reputational damage caused by allegations that the maverick businessman paid workers less than the minimum wage, causing him to become a national symbol of the wrongs of capitalism to many critics.